DaVita Inc.

No forensic scores are on file for DaVita in this data set, so this synthesis does not report a Beneish M-Score, Piotroski F-Score, Altman Z-Score or Fog Index value, and readers should not infer any score from this analysis. Readers can still check the reported figures directly. Revenue grew across the eight fiscal years shown, from $11.4 billion in 2018 to $13.64 billion in 2025, while net income has been volatile, ranging from $159.39 million in 2018 to $978.45 million in 2021 before falling to $746.8 million in 2025. The 2018 net income figure is far below the other years and is worth checking against the filing's notes for that year rather than assuming a trend. The Item 1 business description names specific programs the company relies on: the CMS Quality Incentive Program and Five-Star Quality Rating System, where the company says it has been an industry leader, and the CMMI Comprehensive Kidney Care Contracting model within its integrated kidney care business. These programs link reimbursement to quality measures and value-based arrangements, so results are sensitive to regulatory and payor terms. The 10-Q disclosed that about $1,456 million remained under repurchase authorizations as of May 5, 2026, and that a director or officer trading plan covering up to 6,455 shares was adopted in March 2026. The MD&A narrative and risk-factor text needed to judge management's explanation of the 2025 profit decline were not included in the excerpts provided, so readers may want to look at the full MD&A and Item 1A sections of the 10-K to understand the gap between operating income and net income.

Catalyst.The most concrete recent driver in the filings is top-line growth. Revenues rose to $13.64 billion in 2025 from $12.82 billion in 2024, an increase of roughly 6.4 percent, and were up from $11.62 billion in 2021. The 10-K describes U.S. dialysis as the largest line of business, serving about 200,500 patients as of December 31, 2025. International operations ran 585 outpatient dialysis centers in 14 countries serving about 94,500 patients, and U.S. integrated kidney care served 66,000 patients in risk-based arrangements. The Q1 2026 10-Q shows continued capital return through share repurchases, with about 3,005 thousand shares bought in the quarter.

Hidden risk.The gap between revenue growth and profit is the item a casual reader could miss. Net income fell to $746.8 million in 2025 from $936.34 million in 2024, a decline of about 20 percent, while operating income eased only slightly to $2.04 billion from $2.09 billion. Net income was about 37 percent of operating income in 2025, compared with about 45 percent in 2024, so a larger share of operating income did not reach the bottom line. The excerpts provided do not explain the reason, and the risk-factor text supplied is only a table of contents. The 10-Q also notes that repurchases remain subject to limits under current senior secured credit facilities, so debt terms constrain capital returns.